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Seoul to seek pre-emptive, market-centered corporate restructuring

All News 10:02 December 08, 2017

SEOUL, Dec. 8 (Yonhap) -- South Korea will engage in constant, pre-emptive, market-centered corporate restructuring going forward, breaking away from government-spearheaded responses to developments that have been the norm in the past, the finance ministry sad Friday.

Under the plan, key economy-related agencies and private think tanks will regularly analyze major industrial sectors' business conditions, their competitiveness and risk factors, and based on the results, draw up a set of plans, including schemes to revamp businesses.

Also, creditor banks will play a key role in pushing for corporate restructuring with the credit rating assessment of their corporate customers, and a 1 trillion won fund will be established to facilitate corporate restructuring.

When a certain company exerts an impact on the economy any restructuring should be considered from both the industrial and financial sides, the finance ministry said.


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